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Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided...

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Accounting

Calculating the Fixed Overhead Spending and Volume Variances

Standish Company manufactures consumer products and provided the following information for the month of February:

Units produced 131,100
Standard direct labor hours per unit 0.2
Standard fixed overhead rate (per direct labor hour) $2.30
Budgeted fixed overhead $64,400
Actual fixed overhead costs $68,800
Actual hours worked 26,800

Required:

1. Calculate the fixed overhead spending variance using the formula approach. $

2. Calculate the volume variance using the formula approach. $

3. What if 128,000 units had actually been produced in February? What impact would that have had? Indicate what the new variances would be below.

Fixed Overhead Spending Variance $
Volume Variance $

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